Indian Oil profit surges 211% to Rs 5,941 crore in the first quarter of current fiscal on inventory gains

State-run Indian Oil Corporation (IOCL) reported a net profit of Rs 5,941.4 crore on a standalone basis for the quarter ended June 30, recording a 210.9% rise from the same period a year ago. The oil refining and marketing company attributed the increase in profit to inventory gains, stemming from fluctuations in global oil prices and rising […]

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Indian Oil hedges its bet on aluminum battery to take on lithium in Electric Vehicles

A drive to reduce dependence on imported materials and technology, especially from China, is pushing India to invest in a battery technology that uses aluminum rather than lithium as the key ingredient. Indian Oil Corp., the nation’s largest oil refiner, has teamed up with an Isareli startup Phinergy Ltd. to develop the aluminum-air battery. India […]

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Indian Oil‘s profit doubles to Rs 4,917 crore in third quarter: new Rs 31,500 crore refinery set for Tamil Nadu

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Indian Oil Corporation (IOC) reported a net profit of `4,916.6 crore on a standalone basis for the quarter ended December 31, recording a 110% rise from the same period a year ago. The state-run oil refining and marketing company attributed the increase in profit to inventory gains, stemming from fluctuations in global oil prices and rising […]

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ONGC opens 8th hydrocarbon producing basin of India in West Bengal after 60 years

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State-owned Oil and Natural Gas Corporation (ONGC) opened India’s eighth hydrocarbon producing basin when it started oil flow from a well in the Bengal basin. Oil production commenced from the well Asokenagar-1 in 24 Pargana district, the company said in a statement. “The well Asokenagar-1 was completed as an oil producer under early-monetisation plan issued by the […]

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ADNOC seeks Indian partners for its proposed $ 45 billion petrochem expansion plans

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Abu Dhabi National Oil Company (ADNOC), UAE’s biggest energy producer, is seeking Indian companies for partnership in its ambitious USD 45 billion downstream petrochemical expansion plans. ADNOC CEO Sultan Ahmed Al Jaber, along with global energy chief executives had a virtual session with India’s Prime Minister during the India Energy Week held earlier this week. A […]

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